|
|
|
World Trade Center insurance settlement reached
Insurance |
2007/05/25 10:58
|
New York Gov. Eliot Spitzer (D) and State Insurance Superintendent Eric R. Dinallo announced Wednesday that Silverstein Properties, which owns a 99-year lease of the World Trade Center site, has settled all outstanding insurance claims with seven insurance companies at a price of $2 billion dollars. Silverstein agreed to yield its claim that the insurance companies owed $500 million in interest due to delays in payment, while the insurance companies yielded their claim that they would not need to make payments until a reconstruction program for the site was completed in 2012. Federal suits filed in October 2001 determined that the most Silverstein could collect for losses sustained in the September 11 attacks would be $4.68 billion. Insurance companies have already paid about $2.55 billion, and the settlement resolved the remaining sum. Spitzer's office said that the settlement, which was the biggest obstacle to reconstruction at the World Trade Center site, "will save additional tens of millions in legal costs and allow the Port Authority and Silverstein Properties to focus on rebuilding at Ground Zero." Prior litigation has cost Silverstein and the insurance companies hundreds of millions of dollars. |
|
|
|
|
|
Katrina evacuated real estate agent fights lawsuit
Insurance |
2007/04/28 04:52
|
Danette O'Neal is among about 40-thousand real estate agents along the Gulf Coast who lost their homes and/or businesses to Hurricane Katrina. Many from the region, including O'Neal who now lives in Lithonia, are trying to start over in other markets. But O'Neal's state of limbo is partly due to a federal lawsuit that she's fighting as Coldwell Banker Real Estate Corporation tries to collect more than 818-thousand dollars in franchise fees, ten years of potential income and other costs from the displaced realtor. Coldwell Banker spokesman David Siroty says the case is about O'Neal's -- quote "refusal to pay royalty fees and return a sizable development advancement loan," both of which date back to 2004, the year before the storm. Siroty says the case predates the hurricane, though the lawsuit also claims O'Neal continued to use Coldwell Banker trademarks and business systems after she abandoned the franchise system in late 2005. Between court dates in Louisiana, O'Neal says she barely has time to build relationships with new loan officers, mortgage brokers or clients. Her cell phone constantly rings, and the calls are about new court motions as often as they are about potential business. O'Neal started Danette O'Neal Realtors 16 years ago. She staked her business on helping black residents of New Orleans -- people of modest means and often less than perfect credit -- to become homeowners. In 2004, she says the agreed to partner with Coldwell Banker, but the arrangement wasn't as profitable as O'Neal had hoped. She says the franchise fees -- six percent of the commission -- were too much for her small business. Coldwell poured 263-thousand dollars into O'Neal's business. She says she did not expect to have to pay the money back. Within a month of Katrina, O'Neal said Coldwell sent a letter counting her franchise as a total loss. Typically, attorneys say, abandonment of a franchise is a breach of contract. |
|
|
|
|
|
Louisiana man to get $2.8 million in Katrina case
Insurance |
2007/04/17 09:12
|
A US federal jury in Louisiana Monday awarded $2.8 million in damages and penalties to an Allstate Insurance Co. policyholder in the second federal lawsuit to go to trial involving Louisiana homeowners affected by the Hurricane Katrina disaster. Homeowners Robert and Merryl Weiss sued Allstate for bad faith, alleging that the insurance carrier did not correctly adjust their claim and underpaid them for the structural damage to their home. Allstate contended that they properly paid the couple $29,483 for the damage to the home and $14,787 for living expenses, since most of the damage was caused by the hurricane's storm surge and thus did not fall under the Weiss' hurricane policy. After conflicting expert testimony about the height of the storm surge and the strength of the winds, the jury found that the damage was caused by wind and was covered under the policy. A $1.5 million penalty was assessed for Allstate's delayed payment of the claim. The Weiss' have already received $350,000 in federal flood insurance. The jury also rejected Allstate's assertion that the Weiss' had voided their policy by misrepresenting their claim after attempting to claim at least $34,000 in damages for a boathouse that allegedly was not located on the insured property during the hurricane. In February, homeowners in the first federal insurance trial brought by Louisiana homeowners abruptly dropped their suit after Allstate alleged they misrepresented their claims. There are 350 lawsuits pending in Mississippi against insurance companies over the issue of whether insurance policies should cover water damage when the policies, as written, cover wind damage created by a hurricane, but not water damage by "wind-driven surge." |
|
|
|
|
|
State Farm Reaches Settlement In Katrina Lawsuits
Insurance |
2007/03/29 03:02
|
State Farm Fire and Casualty Company has reached another settlement with a Mississippi Gulf Coast couple who sued the Bloomington-based insurer over damage to their home from Hurricane Katrina. State Farm spokesman Phil Supple says the settlement with Virginia and John Roper Senior was reached yesterday. But he has no other details and terms weren't disclosed. Trial in the lawsuit was to begin April ninth. The Ropers sued when State Farm denied their claim after Hurricane Katrina reduced their Ocean Springs home to a slab in August 2005. The couple sought more than $75-thousand in actual damages and an unspecified amount in punitive damages. |
|
|
|
|
|
Law firm sues State Farm opponent Scruggs'
Insurance |
2007/03/28 09:16
|
Jackson law firm has sued millionaire trial attorney Richard Scruggs for allegedly withholding money it claims it was owed for working on Hurricane Katrina insurance-related litigation. The lawsuit was filed March 15 in Lafayette County Circuit Court by Grady F. Tollison Jr. on behalf of the Jones, Funderburg, Sessums, Peterson & Lee law firm in Jackson. No court date has been set for the lawsuit. Tollison has requested a jury trial. Tollison was not in his office Tuesday and was not immediately available for comment. Scruggs is one of the nation's wealthiest trial attorneys. In the late 1990s, his Mississippi-based firm earned nearly $1 billion in fees for his part in reaching a landmark $250 billion settlement with tobacco companies. He used that windfall to finance lawsuits against insurance companies for denying thousands of policyholders' claims after Katrina destroyed their homes. Scruggs created a legal team, called the Scruggs Katrina Group, to represent the policyholders. SKG's work led to a settlement with State Farm Fire & Casualty Co. that will earn the attorneys about $26 million. Those legal fees are at the crux of the lawsuit. Zach Scruggs of Oxford, Scruggs' son and law partner, said Tuesday he could not immediately comment on the lawsuit. Also named as defendants in the lawsuit are other members of the SKG team. The lawsuit, which gives only one side of the legal argument, alleges that senior partner John G. Jones and other members of the Jackson law firm deposed witnesses, handled briefs, filed motions and other tasks for Scruggs' group. Specifically, the lawsuit mentions Jones and his law firm's work on a July 2006 lawsuit, filed by SKG on behalf of Pascagoula police officer Paul Leonard against Nationwide Mutual Insurance Co. over denial of Leonard's claim. Jones participated in the questioning of witnesses in that lawsuit. |
|
|
|
|
|
State Farm to Re-Examine Katrina Claims
Insurance |
2007/03/19 15:14
|
State Farm Insurance will accelerate settlement payouts to Mississippi Gulf Coast residents whose homes were affected by Hurricane Katrina, according to Mississippi Insurance Commissioner George Dale Monday. Dale told Reuters that after the court delayed certifying a proposed settlement, he negotiated with State Farm "to bring closure for coastal homeowners." State Farm had originally reported that it would no longer write new policies to insure Mississippi home owners when the settlement was delayed, but Dale said his the resolution would discourage State Farm, Mississippi's largest insurer, from leaving the state. The agreement makes millions of additional dollars available to insured homeowners in three coastal counties. In February, State Farm filed to have a judge removed from a Katrina class action lawsuit for bias. In January, a Mississippi jury held State Farm liable for $2.5 million dollars in punitive damages for rejecting a Katrina claim that State Farm said was due to wind before the storm rather than the hurricane itself. In the same month, State Farm agreed to settle with hundreds of Mississippi homeowners, but the judge rejected the proposed settlement. |
|
|
|
|
|
State Farm seeks to bar judge
Insurance |
2007/02/23 11:12
|
State Farm is asking a federal judge to not be one to certify a class action lawsuit filed against the insurer over Hurricane Katrina damages. State Farm Insurance filed papers on Thursday to have US District Court Judge L.T. Senter, Jr. recused from certifying a class action lawsuit against the company over Hurricane Katrina damages.
The insurer questioned Senter's impartiality as fellow judge John Roper and Terri Brown, a federal court clerk, could be plaintiffs in the class action suit. Senter has already disqualified himself from hearing individual lawsuits involving the two co-workers. Senter, who has not yet ruled on the insurer's recusal motion, is scheduled to hear arguments concerning the State Farm class action bid on Wednesday. In January, a Mississippi jury held State Farm liable for $2.5 million dollars in punitive damages for rejecting a Katrina claim that State Farm said was due to wind before the storm rather than the hurricane itself. In the same month, State Farm agreed to settle with hundreds of Mississipi homeowners, but Senter rejected the proposed settlement. |
|
|
|
|
Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
Law Firm Directory
|
|